CapitaMall Singapore shrugs off retail gloom
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CapitaMall Singapore’s shopping centres have improved their performance despite a lacklustre first quarter retail market in the city state.
CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), has reported first quarter distributable income of S$92.9 million, a 4.2 per cent increase over the same quarter last year.
Wilson Tan, CMTML CEO, said shopper footfall in the three months to March 31 rose 4.7 per cent and tenant’s sales by 2.5 per cent. The occupancy rate of its portfolio “remained resilient” at 97.2 per cent.
CMT has 16 shopping malls and almost 3000 tenants, strategically located in the suburban areas and downtown Singapore. Its centres are Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Raffles City Singapore (40 per cent), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Bugis+ and Westgate (30 per cent).
“We constantly reinvent and rejuvenate our malls with a view to reap future benefits for our unitholders,” said Tan in a statement.
“We are pleased to update that Clarke Quay has completed its reconfiguration works at Block A. New-to-market brands include McGettigan’s, an authentic modern Irish pub from Ireland; Motorino, a popular pizza joint from New York; and Catch!, a new homegrown eatery offering fish and chips.
“In addition, the asset enhancement works for IMM Building, Bukit Panjang Plaza and Tampines Mall have made good progress and are on track to be completed as scheduled.”
CMT’s gross revenue grew 1.6 per cent year-on-year to S$167.3 million in the first quarter, mainly due to the completion of the second phase of the Bugis Junction refurbishment last September.
Net property income increased three per cent to S$117.7 million.
Questions & Answers
Q.Which specific shopping centres contributed to CapitaMall’s performance improvements mentioned in the article?
Which specific shopping centres contributed to CapitaMall’s performance improvements mentioned in the article?
The improved performance was mainly due to the completion of the second phase of Bugis Junction refurbishment. Also, Clarke Quay completed reconfiguration works, and asset enhancement works are progressing at IMM Building, Bukit Panjang Plaza, and Tampines Mall.
Q.What new retail outlets have opened at Clarke Quay as part of its recent reconfiguration?
What new retail outlets have opened at Clarke Quay as part of its recent reconfiguration?
New brands at Clarke Quay include McGettigan’s, an Irish pub; Motorino, a pizza restaurant from New York; and Catch!, a local eatery offering fish and chips.
Q.How did CapitaMall’s key financial metrics change in the first quarter compared to the previous year?
How did CapitaMall’s key financial metrics change in the first quarter compared to the previous year?
Distributable income rose by 4.2 per cent to S$92.9 million. Gross revenue increased by 1.6 per cent to S$167.3 million, and net property income grew by three per cent to S$117.7 million.
Q.What is the occupancy rate across CapitaMall's portfolio, and how many tenants does it have?
What is the occupancy rate across CapitaMall's portfolio, and how many tenants does it have?
The portfolio's occupancy rate remained resilient at 97.2 per cent. Across its 16 shopping malls, CapitaMall Trust has almost 3000 tenants in total.
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